- Theralink Technologies Inc and IMAC Holdings Inc BACK have entered into a merger agreement under which Theralink will merge with a newly-formed subsidiary of IMAC in a stock-for-stock reverse merger transaction.
- Upon completion, the combined entity will focus on end-to-end proteomics testing.
- Theralink’s main offering is the Theralink Test for Advanced Breast Cancer, which measures the abundance and activation of 32 clinically actionable biomarkers, reports which are highly expressed or activated and identifies the FDA-approved therapeutics that target them.
- Recently, Theralink received a Medicare reimbursement rate determination and added to its evidence-based clinical utility data via an observational registry study that demonstrated over 90% actionability and over 70% clinical utility for its Theralink Test.
- In addition to the advanced breast cancer test, Theralink is also developing a pan-tumor test targeting solid tumors across various tumor types, including ovarian, endometrial, head and neck, pancreatic, colorectal, lung, and prostate cancers.
- Theralink stakeholders are set to own around 85% of the merged entity, while pre-merger IMAC shareholders will own approximately 15%.
- The merger is slated to close by late Q3 or early Q4 of 2023.
- All IMAC directors, with the exception of one, are expected to resign, and Theralink’s existing directors will be appointed to the board of IMAC, with Jeffrey Busch serving as Chairman.
- Price Action: BACK shares were up 12.80% at $0.16 as of the last check on Tuesday.
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